Question one: [25 MARKS] Nicholson Roofing Materials, Inc., is considering two mutually exclusive projects, each with an initial investment of $150,000. The company's board of directors has has set a maximum 4-year payback requirement and has set its cost of capital at 9%. The cash inflows associated with the two projects are shown in the following table. Cash inflows (CFt) Year Project A Project B 1 $45,000 $75,000 2 45,000 60,000 3 45,000 30,000 4 45,000 30,000 5 45,000 20,000 6 45,000 10,000 a Calculate the payback period for each project. Which project should you choose and why? b. Calculate the NPV of each project. Which project is accepted and why? c. if you know that the IRR for project A is 19.9% and for B is 22.7%. which one is acceptable and why d. Rank the projects by each of the techniques used. Make and justify a recommendation